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Canberra not experiencing the economonic downturn
Canberra is bucking the economic trend, while the rest of Australia is hurting from the global downturn.

Cashed-up public servants and highly-educated professionals are still splashing their disposable cash around on luxury items including expensive cars, jewellery and fine artwork.

Average weekly full-time time earnings in Canberra are about $1,300 a week, which is about 15 per cent higher than the Australian average while education levels are also among the nation's highest, new statistics show.

High-end art dealer Joy Warren from Canberra's fine art Solander gallery in ritzy Yarralumla said sales of top-notch paintings, some worth up to $500,000, are still strong.

She revealed to The Daily Telegraph Online that six large paintings were sold at opening of a new exhibition last week and demand was growing for works above $10,000.

"We will weather the storm better than any other capital city - there's a lot of interest being showed (in artwork) that has not ceased," she said.

"We nearly sold one piece worth $500,000 recently."

She described Canberra as the "BMW and a Mercedes capital" of Australia and industry sources say top-end car sales are still strong.

"Canberra is not going to have an economic downturn like big cities as it's not reliant on big industries because we don't have any," she said.

Jewellery retailers are also reporting continued sales of top-shelf rings, necklaces and watches.

Canberra's population fluctuates around 350,000 people which is heavily supplemented by an additional 218,000 people across the south-eastern region of NSW.
 
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